Washington : US fixed mortgage rates this week fell back to record lows after the Federal Reserve announced last week a new round of quantitative easing, also known as the QE3, said the Primary Mortgage Market Survey released by Freddie Mac.
The mortgage giant said that 30-year fixed-rate mortgage (FRM) was 3.49 percent in the week ending Sep 20, down from last week s 3.55 percent. Last year at this time, the 30-year FRM was 4.09 percent, reported Xinhua.
The 15-year FRM, a popular choice for those looking to refinance, declined to 2.77 percent from 2.85 percent in the previous week.
A year ago at this time, the 15-year FRM averaged 3. 29 percent. Meanwhile, the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) inched up to 2.76 percent, and the one-year Treasury-indexed ARM remained unchanged at 2.61 percent.
The Fed announced last Thursday a new bond purchase plan -- to purchase agency mortgage-backed securities (MBS) at a pace of